JP Morgan Launches India Tax Advantage Fund

by Carla Johnson, Investors Offshore.com

24 December 2008

JP Morgan Mutual Fund announced on December 18 the launch of its newest Equity Linked Savings Scheme (ELSS), the India Tax Advantage Fund.

The new equity fund offer, which opened on December 18 and is set to run until January 16, will have a three year lock-in period.

Simply, the scheme aims to generate income and long-term capital appreciation from equity and money market securities.

The minimum investment level has been set at a figure of INR500 (USD11), with following investments to be made in multiples of the original sum.

Individuals investing in the fund will be able to apply for tax deductions under Section 80 C of India's Income Tax Act.

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